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FTX Relaunch Plan Update! CEO John Ray confirms FTX 2.0 plan, FTT rises by 14%

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FTX Relaunch Plan Update! CEO John Ray confirms FTX 2.0 plan, FTT rises by 14%

FTX's lawyer stated at a hearing in April that they will submit a restructuring plan for FTX in July this year. After reviewing the work records of John Ray, the CEO of the FTX restructuring team last month, it was found that he has discussed and reviewed matters related to the FTX relaunch multiple times.

Progress of FTX Relaunch

According to the Twitter account of the FTX Creditors Alliance, after reviewing John Ray's April compensation report, it has been confirmed that the plan for FTX 2.0 relaunch is now underway.

In John Ray's work records for early April, there are mentions of activities related to the exchange's restructuring and enhancements, while towards late April, there were multiple discussions regarding the 2.0 project with the financial services company PWP.

It is also noted that John Ray has reviewed and finalized the FTX relaunch materials, as well as reviewed and commented on the bidding list for FTX.

Options for FTX Relaunch

As it stands, the FTX relaunch is progressing as planned. According to previous reports, the initial plan for the FTX relaunch is expected to be submitted in the third quarter of this year. There are various options for the relaunch, with one possibility being that users can convert FTX's outstanding debts into equity in the exchange.

Furthermore, the relaunch plan for FTX Japan's branch was confirmed at the end of April, and it will resume operations upon obtaining regulatory approval.

FTT Sees Price Surge

Following the exposure of progress in the FTX relaunch, FTT has surged, with a 14% increase in a single day.